ahhh i have an overdraft

funkyfish586

hi all, i now have my new bank account with the coop its a current account as i am starting my dmp this month with payplan. When i did it on the phone i asked for no credit etc. Just checked my online banking facility for the first time today and i have a £200 interest free overdraft. Phoned the coop & they said it comes as standard & they wont / lower it????? what should i do what will happen if i keep it? i obviously dont want to get in any trouble or anymore debt x

Tixy

They should/must remove it if you insist. But providing you don't use it it won't actually matter for your DMP, just tell yourself its not there so you don't get tempted to dip in.

(and in truth if you did use it by accident for a couple of days it wouldn't actually matter providing you repaid it)

simongregson

Might be useful, if you pretend it isn't there then if you forget a payment you will avoid bank charges.

niccatw

I'd put the request in writing to the Co-op. Then (even if they don't act on it, which they should if it's in writing), psychologically it'll be easier to tell yourself your overdraft doesn't really exist, or that, just because you haven't heard from them, doesn't mean they're not in the process of acting on it.

Having gone over my agreed overdraft limit with the co-op before, I found the normal call centre staff didn't seem to do what I asked (i.e. didn't lower overdraft when I called and asked but led me to believe they would :mad:).

Then I did go over my agreed limit and had to deal with their next line of staff (the one's that berate you for going over your overdraft limit and put you on a repayment plan). I don't cry easily, and in the grand scheme of my debts, the amount the co-op were due was miniscule - but that evil women had me crying on the phone and made me feel soooooo small. (Thankfully it's paid off now - at that point they didn't quibble when I told them to take it away from me!)

If you are worried you might use the overdraft or that it might have an effect on your DMP, don't let them put you in a position where that could be an option!

Poosmate

niccatw wrote: »

If you are worried you might use the overdraft or that it might have an effect on your DMP, don't let them put you in a position where that could be an option!

Funky should be in control of her/his own money now so it's up to him/her not to use the overdraft facility. The bank is not in a position to "make" you use your overdraft facility.

I would reiterate what has already been said though and write to them requesting it is removed.

Poo